New apartment prices in Kyoto drop as developers are forced out of city center
The supply of brand new apartments in Kyoto City in the first half of 2017 increased by 21.7% from the same period in 2016, while the average sale price saw a steep drop of 24.1% to 43,280,000 Yen. The reason for the decrease in the price was due to intense competition for hotel development sites in the city center which has forced apartment developers to shift their focus to the city’s outskirts where prices are cheaper.
Kyoto’s most expensive rental apartments to open in 2018
Kyoto’s most expensive rental apartment building is scheduled open in May 2018. The 5-storey La Tour Kyoto Higashiyama residence is being developed by Sumitomo Realty in the Higashiyama ward. It will be part of Sumitomo’s 'La Tour' brand of high-end rental apartments. The developer currently operates 20 La Tour buildings in central Tokyo, but this will be their first one outside of the capital.
West Japan’s most expensive apartment to go on sale in Kyoto
On October 8, Mitsubishi Jisho Residence announced a new condominium project for central Kyoto. The most expensive apartment in the building will be priced at over 700 million Yen (5.85 million USD). According to the Real Estate Economic Institute, this is the most expensive apartment to be released for sale in West Japan in the past 20 years. With a price of around 2,440,000 Yen/sqm (1,895 USD/sq.ft), it is similar to the current price of luxury high-rise apartments in central Tokyo.
The Parkhouse Kyoto Kamogawa Gosho-Higashi is located alongside Kyoto’s Kamo River and is 250 meters east of the Kyoto Imperial Palace. This will be the first condominium to be built alongside this river since 2004.Read more